All Forum Posts by: Cuong Le

Welcome @Maurice Horton to BP! Glad to see you jumped on board. Many Houstonian BPs here to meet up and/or get feedback from. If you get the chance to post a profile pic, it will help you connect with more people.

Also, be sure to write down your "why" before you get in too deep. You can have all the knowledge about RE but if you don't have that burning why, you'll fizzle when the times get tough. See you around!

Hi @Layden Walker and welcome to BP! It's a good idea to write down your "why" which will help you pull through any challenging moments. Have a humble and servant attitude will get you far. We're all here to help each other.

Keep in mind that if you start with wholesaling, to make sure your ARV (after repair value) and rehab estimates are good. Nothing ruins your chances then to come up with bogus numbers without strong back ups. A possibility is to flip properties to get this experience while building up capital to purchase your flips. Glad you're on board!

@Huy N.

Thanks for sharing and congrats on the deal! Patience paid off very well. Did you have a written agreement that your family signed for the money?

Hi @Huy N. We're looking for other ways to finance our purchases and just wanted to see how you did on the syndicated deal. I'm sure others and myself would learn a lot from that post so looking forward to it. What's your current project?

@Ervin Taylor

Here are a few hard money articles to help with your research:

Hard Money: What is it and how does hard money work?
Understanding the Risks & Benefits of Hard Money

Eight ways to find your next hard money lender

Fully understand it because if you don't know what you're doing, it can cost you. Used properly, you can quickly acquire properties for your portfolio. We've used hard money on all of our properties and refinancing them to conventional.

Hi @Elianne Lozano Welcome to BP and back to Houston! Many of experienced investors here in Houston to soak up info/tips. What are you trying to focus on right now for your RE business?

@Huy N. Many kudos on the deal and for sharing! We kick ourselves for not buying more of these a few years ago. Keep up the great work and let us know about your syndicated deals when you get the chance.

Hi @Account Closed and welcome to BP! To do the @ call, type @ and then the first few letters of who you want to reference. Toward the bottom of the page gives you names to select. If you did it correctly, you will see the blue highlight. Otherwise, delete and start over.

You can also type ? after the @ and that will pull up everyone on this forum thread for you to choose from. Neat huh?

Like @Mehran K. said, use your uncle as a resource/mentor. That would be so awesome to have that resource.

As long as you get solid ARVs and rehab estimates with backup, you should do fine. Many wholesalers give you fluff numbers and their emails become a waste. See you around!

Hi @Ervin Taylor and welcome to BP! Congrats on your first property! If you decide to go with a property manager, be sure to do your due diligence and not just hire anyone. I'm sure there are other Houstonians who have this experience that can share some tips with you.

How are you planning on obtaining and financing your future properties?

@Gabe G. Congrats on the new properties and encourage you to keep going. Quickly using the 50% rule, $850/2 = $425 and there is no way your mortgage is $25. How are you coming up with the cash flows?

Suggestions that has helped us as a landlord: Walk through the entire lease agreement with your tenant to make sure they fully understand especially when/where rent is due and what is considered an emergency repair. Fire, flood and blood is an easy way to put it for them.

What @Jerry W. said about being patient on screening tenants is so true. If you have a clean and functional property and priced it right, you will find the right tenant.

If possible, try to incorporate your capital expenses into your numbers as you analyze the deal before submitting the offer. If the numbers work, you'll fix the needed major items (ie roof, water heater, AC) up front minimizing your maintenance calls down the line. If not, save aside capital expenditure for these items in case they crap out on you.

In the end, never stop learning, connect with others (adding a profile picture helps with this) and have fun along the way.